Facebook reportedly wanted big U.S

Facebook reportedly wanted big U.S

"We're not shoring up financial data", she added.

Facebook pursued partnerships with major American banks-including Citigroup, Wells Fargo, J.P. Morgan Chase, and U.S. Bank-that would net it access to "detailed financial information about their customers, including card transactions and checking account balances", writes The Wall Street Journal. Per the WSJ's reporting, Facebook also asked for additional data, like where customers are spending their money outside of the social network. An essential part of these efforts is keeping people's information safe and secure, ' Facebook said in a statement.

New features could include tools that help users check their account balances or alert them about bank fraud, according to the Wall Street Journal.

Facebook is now discussing partnership ideas with firms like Citigroup Inc., Wells Fargo, and JPMorgan Chase, but the Cambridge Analytica incident has reportedly caused at least "one large US bank" to pull out of the talks.

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Wells Fargo declined to comment.

One large bank has reportedly pulled away from the discussion due to privacy concerns. The company is aiming to boost user engagement, particularly with its Messenger service, after Facebook lost more than $120 billion ins market value in a single day earlier this summer.

While Facebook insisted in response to the Journal's story that it doesn't want to use any of this data for advertising purposes or share it with third parties, many pointed out that there is no reason to trust Facebook's expressed commitment to user privacy, particularly in the wake of the Cambridge Analytica scandal and other abuses. Spokeswoman Elisabeth Diana has said "we don't use purchase data from banks or credit card companies for ads". "We also don't have special relationships, partnerships, or contracts with banks or credit card companies to use their customers' purchase data for ads".

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